Insurance industry in Africa- Statistics & Facts

Published by Jennifer Rudden, Jan 14, 2019
The insurance industry in Africa represents only about 1.7 percent of insured catastrophe losses worldwide, although it’s home to 16 percent of the global population. However, despite the low levels of insurance uptake, there continues to be increased interest and focus from major international brokers, insurers and reinsurers. In 2015, the value of insurance premiums in Africa amounted to over 43 billion U.S. dollars.

Low insurance uptake in Africa can be attributed to the low income levels. In 2015, South Africa dominated the non-life insurance industry in Africa while, Morocco had the largest market share of life insurance in the continent.

Major Western insurance firms have more recently begun to especially pay attention to the increasingly attractive sub-Saharan African insurance industry. From 2014 to 2018, Zambia, Nigeria, Ghana, and Uganda recorded some of the highest growth rates within the insurance industry in Sub-Saharan Africa. The growth of the African insurance sector is most especially expected to be facilitated by microinsurance for business and development. Around 27 percent of the lives covered by microinsurance in Africa purchased that coverage through an agent or broker.

Insurers trying to break in Africa are using cheaper distribution channels and mobile phones, mostly for customer service, which represent a promising solution in this regard. As technological changes become one of the key drivers for overall growth in the African insurance industry, mobile phone use is second only to paper use in the premium collection process of microinsurers.

Interesting statistics

In the following 6 chapters, you will quickly find the 29 most important statistics relating to "Insurance industry in Africa".

Insurance industry in Africa

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Important key figures

The most important key figures provide you with a compact summary of the topic of "Insurance industry in Africa" and take you straight to the corresponding statistics.

Sub-Saharan Africa

Microinsurance

Microinsurance coverage

Use of technology

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